Lenders to Future Enterprises, Future Supply Chain Solutions approve debt restructuring
SECTIONS
Last Updated: Apr 20, 2021, 10:48 PM IST
Share
Synopsis
The boards of both the companies Future Enterprises and Future Supply Chain Solutions have approved the lenders plan to restructure the existing secured financial debt, the firms said in separate regulatory filings.
Agencies
Future Enterprises said its restructuring plan would be subject to approval from the Expert Committee formed by RBI under the chairmanship of K V Kamath.
Lenders to two more Future group firms
Future Supply Chain Solutions have approved a resolution plan to restructure the existing secured financial debt of the companies, as per regulatory filings. Last week, a consortium of 28 banks had approved a resolution plan for debt restructuring of the Kishore Biyani-led group s flagship firm Future Retail Ltd, under the resolution framework for COVID-19-related stress announced by the Reserve Bank of I
Lenders of the debt-ridden Future Retail Ltd have approved a plan to restructure the existing financial debt of the company under an RBI announced resolution framework for COVID-19 related stress. The restructuring plan now would be forwarded for approval to an expert committee, formed by RBI under the chairmanship of K V Kamath, Future Retail Ltd (FRL) said in a late-night regulatory update on Saturday. As part of the resolution plan, the debt raised through the non-convertible debentures issued by FRL is also part of the existing debt and is proposed to be restructured, it added. The board of the company, which now expects to recover from the financial stress with the resolution timeframe, has also approved the restructuring plan in its meeting held on Saturday, it added.
Future Retail finalises debt restructuring plan; to seek Kamath panel approval
The company said that the debt restructuring was necessitated due to the disruptions caused by COVID-19 which led to cash flow not being able to bear the debt burden
BusinessToday.In | April 18, 2021 | Updated 17:53 IST
Future Retail announced that its board of directors has approved a resolution plan for restructuring the company s existing debt in line with the resolution framework sanctioned by the Reserve Bank of India (RBI) to alleviate COVID-19-related stress. The Kishore Biyani-led retail arm further added that certain non-convertible debentures (NCDs) will also be part of the restructuring exercise. The company is now awaiting approval from the KV Kamath committee.
Will defend : Future after Amazon moves SC against Delhi HC stay order
Future says it has received a communication dated April 13, 2021, that Amazon has filed a Special Leave Petition before the SC against the Delhi HC division bench
BusinessToday.In | April 14, 2021 | Updated 16:06 IST
Amazon CEO Jeff Bezos and Future group promoter Kishore Biyani
The fight between Amazon and Future Retail will now take place in India s Supreme Court. Future Retail has said it will defend the matter/proceedings through legal counsels after Amazon approached the Supreme Court against a Delhi High Court order that stayed a single judge s order restraining Kishore Biyani-led retail chain from going ahead with its Rs 24,713 crore deal with Mukesh Ambani-led Reliance Retail.
Explore Now
Dalal Street looked set to see some weakness on Monday, as the Maharashtra government’s decision on Sunday to bring in stricter curbs to contain the spread of coronavirus is widely expected to test the recent strength in stocks.
That said, here is a list of stocks buzzing this morning.
Reliance Industries: Billionaire Mukesh Ambani s Reliance Industries said it has secured approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into a separate unit.
Adani Enterprises: The company said it has won a Rs 1,169.10 crore highway project in Odisha from the National Highways Authority of India (NHAI). The contract has been won by Adani Enterprises wholly-owned subsidiary Adani Road Transport Ltd (ARTL).